WASHINGTON, DC — President Donald Trump announced plans for sweeping tariffs Wednesday, saying “our country has been looted, pillaged, raped, plundered” by other nations.
The aggressive rhetoric came as Trump showed a willingness to dismantle a global economic system that the United States helped to build after World War II. Trump held up a chart while speaking, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.
“Taxpayers have been ripped off for more than 50 years,” Trump said in remarks at the White House. “But it is not going to happen anymore.”
Here's the latest:
Trump suggests that US income tax, and moving away from tariffs, helped fuel the Great Depression
Trump used his tariff speech to again champion the Gilded Age.
As he has repeatedly since starting his second term, Trump suggested that the U.S. was at its wealthiest when it was a “tariff nation” between 1870 and 1913.
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He added that “for reasons unknown to mankind,” the U.S. went to income tax in 1913.
Trump suggested that the 1930s’ Great Depression was fueled by the U.S. going to an income tax and away from tariffs.
Economists and historians say the U.S. did grow between 1870 and 1913, but that was mostly due to immigration and was wracked by inequality.
Full list of Trump’s reciprocal tariffs
This is the full list of reciprocal tariffs that Trump announced:
1. China: 34%
2. European Union: 20%
3. South Korea: 25%
4. India: 26%
5. Vietnam: 46%
6. Taiwan: 32%
7. Japan: 24%
8. Thailand: 36%
9. Switzerland: 31%
10. Indonesia: 32%
11. Malaysia: 24%
12. Cambodia: 49%
13. United Kingdom: 10%
14. South Africa: 30%
15. Brazil: 10%
16. Bangladesh: 37%
17. Singapore: 10%
18. Israel: 17%
19. Philippines: 17%
20. Chile: 10%
21. Australia: 10%
22. Pakistan: 29%
23. Turkey: 10%
24. Sri Lanka: 44%
25. Colombia: 10%
